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Sunoco LP Announces Fourth Quarter and Full Year 2021 Financial and Operating Results


- Reports strong fourth quarter results including net income of $100 million, Adjusted EBITDA(1) of $198 million and Distributable Cash Flow, as adjusted(1) of $143 million
- Achieves $524 million of full year 2021 net income and generates record full year 2021 Adjusted EBITDA(1) of $754 million, in the upper half of its guidance range
- Executes definitive agreement to acquire a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital beplay88网棋牌 s, LLC for $190 million
- Expects full-year 2022 Adjusted EBITDA(1)(2) of $770 to $810 million, excluding the pending acquisition

DALLAS, Feb. 16, 2022 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN" or the "beplay88网棋牌 ship") today reported financial and operating results for the three- and twelve-month periods ended December 31, 2021.

Financial and Operational Highlights

For the three months ended December 31, 2021, net income was $100 million versus net income of $83 million in the fourth quarter of 2020.  

Adjusted EBITDA(1) for the quarter was $198 million compared with $159 million in the fourth quarter of 2020. The increase in Adjusted EBITDA(1) reflects higher reported fuel volume and margins, the acquisition of nine refined products terminals, partially offset by higher operating expenses(3).

Distributable Cash Flow, as adjusted(1), for the quarter was $143 million, compared to $97 million a year ago.

The beplay88网棋牌 ship sold approximately 1.9 billion gallons of fuel in the fourth quarter of 2021, representing a 3.1% increase from the fourth quarter of 2020.  Fuel margin for all gallons sold was 12.0 cents per gallon for the quarter compared to 9.2 cents per gallon a year ago.

For the twelve months ended December 31, 2021, net income was $524 million versus $212 million in 2020.

Adjusted EBITDA(1) for the full year 2021 totaled $754 million, up 2.0% from $739 million a year ago.  The year-over-year increase reflects 6.4% growth in volumes sold of 7.5 billion gallons and a 2.2% decrease in operating expenses to $438 million partially offset by lower reported fuel margins of 11.2 cents per gallon compared to 11.9 cents per gallon last year.

Distributable Cash Flow, as adjusted(1), for the full year 2021 was $542 million, compared to $517 million a year ago.

Distribution and Coverage

On January 26, 2022, the Board of Directors of SUN's general partner declared a distribution for the fourth quarter of 2021 of $0.8255 per unit, or $3.3020 per unit on an annualized basis.  The distribution will be paid on February 18, 2022 to common unitholders of record on February 8, 2022.  SUN's current quarter cash coverage was 1.65 times and trailing twelve months coverage was 1.56 times. 

Liquidity and Leverage

At December 31, 2021, SUN had $581 million of borrowings against its revolving credit facility and other long-term debt of $2.7 billion.  The beplay88网棋牌 ship maintained ample liquidity of approximately $913 million at the end of the quarter under its $1.5 billion revolving credit facility that matures in July 2023.  SUN's leverage ratio of net debt to Adjusted EBITDA(1), calculated in accordance with its credit facility, was 4.17 times at the end of the fourth quarter.

Capital Spending

SUN's total capital expenditures for the fourth quarter were $82 million, which included $65 million for growth capital and $17 million for maintenance capital.  For the full-year 2021, maintenance capital expenditures were $39 million and growth capital expenditures were $135 million.

2022 Business Outlook

Excluding the pending acquisition, the beplay88网棋牌 ship expects full year 2022 Adjusted EBITDA(1)(2) to be between $770 and $810 million. SUN expects 2022 fuel volumes to be between 7.7 and 8.1 billion gallons, fuel margins to be between 10.5 and 11.5 cents per gallon, operating expenses(3) in a range of $490 to $500 million, growth capital expenditures of at least $150 million, and maintenance capital expenditures of approximately $50 million.

Transmix and Terminal Acquisition

On February 4, 2022, SUN executed a definitive agreement to acquire a transmix processing and terminal facility in Huntington, Indiana from Gladieux Capital beplay88网棋牌 s, LLC for $190 million.  The facility is the largest transmix plant in North America with a processing capacity of 23,000 barrels per day and onsite product storage of approximately 750,000 barrels.  The beplay88网棋牌 ship expects the acquisition to be accretive to unitholders in the first year of ownership.

SUN's segment results and other supplementary data are provided after the financial tables below.

Earnings Conference Call

Sunoco LP management will hold a conference call on Wednesday, February 16, at 9:00 a.m. Central time (10:00 a.m. Eastern time) to discuss results and recent developments.  To participate, dial 877-407-6184 (toll free) or 201-389-0877 approximately 10 minutes before the scheduled start time and ask for the Sunoco LP conference call. The call will also be accessible live and for later replay via webcast in the Investor Relations section of Sunoco's website at www.SunocoLP.com under Webcasts and Presentations.

Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories as well as refined product transportation and terminalling assets. SUN's general partner is owned by Energy Transfer LP (NYSE: ET).

Forward-Looking Statements

This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in the beplay88网棋牌 ship's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission.  In addition to the risks and uncertainties previously disclosed, the beplay88网棋牌 ship has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic and the recent instability in commodity prices, and we cannot predict the length and ultimate impact of those risks.  The beplay88网棋牌 ship undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

The information contained in this press release is available on our website at www.SunocoLP.com

Contacts

Investors:

Scott Grischow, Treasurer, Vice President – Investor Relations and Mergers & Acquisitions
(214) 840-5660, scott.grischow@sunoco.com

James Heckler, Director – Investor Relations and Corporate Finance
(214) 840-5415, james.heckler@sunoco.com

Media:

Alexis Daniel, Manager – Communications
(214) 981-0739, alexis.daniel@sunoco.com

– Financial Schedules Follow –

 

Key Operating Metrics

The following information is intended to provide investors with a reasonable basis for assessing our historical operations, but should not serve as the only criteria for predicting our future performance.

The key operating metrics by segment and accompanying footnotes set forth below are presented for the three months and years ended December 31, 2021 and 2020 and have been derived from our historical consolidated financial statements.

The following table presents a reconciliation of Adjusted EBITDA to net income and Adjusted EBITDA to Distributable Cash Flow, as adjusted, for the three months and years ended December 31, 2021 and 2020:

 

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SOURCE Sunoco LP

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